FINANCIAL SHARKS.

Hauraki Plains Gazette, Volume XXXVII, Issue 4957, 29 March 1926, Page 1

FINANCIAL SHARKS.

£1,500,000 FROM' THE PUBLIC.

FOOLISH DEFIANCE OF WARNINGS

' London city men estimate' that at conservative figure . the, sum which has been filched from 'the confiding British public by financial, sharks in the last year or two cannot be less, than £1,500,000. -

■ A. large, portion of thig' sum has found its way across the Atlantic as a tribute to the enterprising methods of American swindlers, but, aft the case o£ the .Mandeville Brothers testifies, 'other “financiers” have not been behindhand in taking their toll, in spite of warnings to ,the public. When reputable stockbrokers are asked to explain the gullibility of the public they smile S|a,dly. One said: “It is. the old story of the weakness which people have for getting something for.’nothing. , .When some tempting enterprise is dangled bdfore thchi day after, day they succumb to the desire to try their fortune. . The, rogue has," the field to himself. A member of the Stock Exchange may not adverttsje- even his name and * address/ but there is no check bn the unscrupulous, advertising methods of sharps. There are tens of thousands of people who do not . know the name -of a Stock Exchange broker with whom to deal, and do not realise that thei?r bankers/can serve them.” ' . ■

, There is ri'Q limit to the enterprise and ■ ingenuity of fraudulent sharebrokers. ' Many make, lan imposing office display l ''and spend thousands of pounds in advertising awd circularis,ing. ; ■■ J ' •/ "■/ ‘They , are astute enough,- as a rule, .to keep within .the .strict letter of the law. When they transgress those who have beefi fleeced are not disposed to undertake the risk of a pi'orieqution or to appear as a witness, and so. expose their credulity. . .

This eiiplains why . sc. many ' bogus concerns, are able, to flourish for so long. - ■••••■• .;